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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #119,761
  • Oct 16, 2012 11:32am Oct 16, 2012 11:32am
Quoting DaGrizlyBull
Mike, what software you use for those chart drawings? I noticed you use them also in your videos.

Thanks!
Hey DGB

The snapshots are called snag it. The videos is camtasia. Both are made by the same company though. I love snag it, saves me a ton of time

Best
Mike
  • #119,762
  • Oct 16, 2012 11:54am Oct 16, 2012 11:54am
@bullzeye what is the indicator that you use which tells you how much time you have till bar close?also for everybody, can you tell me the time of your broker. i'm wondering if i should try to be with a gmt broker or not. do you guys think it matters all that much?
thanks and best regards!
  • #119,763
  • Oct 16, 2012 11:58am Oct 16, 2012 11:58am
Quoting heaven
@bullzeye what is the indicator that you use which tells you how much time you have till bar close?also for everybody, can you tell me the time of your broker. i'm wondering if i should try to be with a gmt broker or not. do you guys think it matters all that much?
thanks and best regards!
Hey Heaven

Here is the indicator for time left

http://www.forexfactory.com/attachme...02012%207:03am

As for broker close time since FX is not centralized you will see a wide range. I use a 5pm et close(whatever that is GMT not sure). I prefer that. I think it matters but I don't think it will make or break a trader alone.

Best
Mike
  • #119,764
  • Oct 16, 2012 12:19pm Oct 16, 2012 12:19pm
Thank you Mike! appreciate your help!
  • #119,765
  • Oct 16, 2012 12:23pm Oct 16, 2012 12:23pm
Hi all, this is a good setup for bay?

Attached Image (click to enlarge)
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Sorry for my bad english
  • #119,766
  • Oct 16, 2012 1:33pm Oct 16, 2012 1:33pm
Quoting Rust
Here what i mean:
Attachment
Oh what a lovely picture... I am in too
all is eternal - this is good news for people who loves bad news
  • #119,767
  • Oct 16, 2012 1:49pm Oct 16, 2012 1:49pm
I agree it looks like a good level, and I am in as well but at 30pip draw down, I am worried about the speed and force it went down there, that's not exactly looking scared of the level if you know what i mean, that looks more like an all out attack, wishing now i had waited till end of day before jumping in.
  • #119,768
  • Edited 4:39pm Oct 16, 2012 4:37pm | Edited 4:39pm
Hey Mike,
What do you think about this one,please? NZDUSD daily,50% fib retr...
Thank you!
http://imageshack.us/a/img69/6097/nzdusd16102012.jpg
  • #119,769
  • Oct 16, 2012 4:41pm Oct 16, 2012 4:41pm
Quoting Rust
Here what i mean:
Attachment
Well, the bounce was there, just not enough. So in the end it turned to be a loss. I can't find anymore reasons to be in it, so I cut it for -2/3 R .
That's it
It still was i high probability trade in my view.
  • #119,770
  • Oct 16, 2012 4:50pm Oct 16, 2012 4:50pm
Pinbar today off a very strong horizontal level. Chart attached. I've gone long at the break of the pin. Stop is underneath pin, looking to take quick profit on this one. Pin is also off the 50% fib ret.

Attached Image (click to enlarge)
Click to Enlarge Name: 16-10-2012-nzd-cad-entry.png Size: 86 KB


Hiten
  • #119,771
  • Oct 16, 2012 4:56pm Oct 16, 2012 4:56pm
Quoting Rust
Well, the bounce was there, just not enough. So in the end it turned to be a loss. I can't find anymore reasons to be in it, so I cut it for -2/3 R .
That's it
It still was i high probability trade in my view.
Hey Rust,

good trader doesn't scare about losses, you are a good one. I like it
What can i say about the setup? Even the best one can not hold you up from a loss...

The area is still interesting for me...lets wait for confirmation
  • #119,772
  • Oct 16, 2012 5:07pm Oct 16, 2012 5:07pm
Quoting brandon1
Bullzeye,well done on that trade, beautiful confluernce although my data doesnt show a nice brearish bar as yours does, Nonetheless and that aside-may i ask how you entered this trade originally ? it seems from the chart showing the trade entry and close that you entered on a retrace of that original beareish pinbar before the break?is this correct ?
is that how you usually enter?
The reason i ask (and its really an open question to all memebers here ) is that such an entry can enhance ones profits considerably if and when...
hey mate,

there are many different entry scenarios in this case. Usually i used the break of the pinbar for an entry, this is the safest way IMHO. In this one i entered by the bar close, because i was convinced about the setup.

There is no rule set in stone for this. I think if you want to become a good trader you have to master all kind of this entry styles. Its something that comes with experience i think and a lot of screen time...

So there is a lot of work to do to become profitable...
  • #119,773
  • Oct 16, 2012 8:44pm Oct 16, 2012 8:44pm
Quoting iuliu00
Hey Mike,
What do you think about this one,please? NZDUSD daily,50% fib retr...
Thank you!
http://imageshack.us/a/img69/6097/nzdusd16102012.jpg
Hey Iuliu

I would be careful since price is in a very tight area here or traffic. We can see no pin on my feed.

Instead I prefer to watch for a potential breakout(that pin could be the tip off) but I want to look for PA above this area so we can trade away from the "squeeze"

Best
Mike
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  • #119,774
  • Oct 16, 2012 9:43pm Oct 16, 2012 9:43pm
Hello all,

My first chart. I've been experimenting with pivots, PA, and fibs.

Does anyone have anything to comment on this potential short trade of the AUD/NZD (assuming a pinbar is confirmed tomorrow).

Price is at the monthly pivot line (white dashed line), a well as 3 fib lines drawn off of A, B, and C to D (red rectangle).

Hopefully the attached chart will be clear enough.

Any thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: aud.nzd.daily.oct.16.2012.gif Size: 14 KB
  • #119,775
  • Oct 16, 2012 9:52pm Oct 16, 2012 9:52pm
My daily candles end at midnight my time (EST). This fits into my schedule, but I'd rather look at charts earlier in the day.

Any thoughts on when I can confidently do my chart analysis using the day's candle? I think from 5 pm - 9 pm EST (after the NY close) would be ideal for my schedule, but at this point the day's candle would still be active.

Thoughts from the more experienced members are appreciated.

Sci.
  • #119,776
  • Oct 16, 2012 10:58pm Oct 16, 2012 10:58pm
Quoting Sciurus
My daily candles end at midnight my time (EST). This fits into my schedule, but I'd rather look at charts earlier in the day.

Any thoughts on when I can confidently do my chart analysis using the day's candle? I think from 5 pm - 9 pm EST (after the NY close) would be ideal for my schedule, but at this point the day's candle would still be active.

Thoughts from the more experienced members are appreciated.

Sci.
Hey S

I use a 5pm et candle, why not use that? Seems perfect for your schedule

Best
Mike
  • #119,777
  • Oct 17, 2012 12:29am Oct 17, 2012 12:29am
Is this also a support and resistance?
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Price Is The Best Indicator Itself.
  • #119,778
  • Oct 17, 2012 1:46am Oct 17, 2012 1:46am
Quoting asim.iqbal
Is this also a support and resistance?
deffinitely but u forget to bought ..
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  • #119,779
  • Oct 17, 2012 2:23am Oct 17, 2012 2:23am
Sure! You are right. I missed the Euro move (200 Pips) last day.
Price Is The Best Indicator Itself.
  • #119,780
  • Oct 17, 2012 2:35am Oct 17, 2012 2:35am
Quoting asim.iqbal
Sure! You are right. I missed the Euro move (200 Pips) last day.
Good for you!
I just stoped out with 0.5Risk(because i cutted my risk) just before the move up.
Mától én vagyok a Soros!
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